Zainab Ahmed, minister of finance, budget and national planning, says oil revenue shortfall and petrol subsidy deductions are challenging the full implementation of the 2022 budget.
Ahmed said this on Wednesday when she appeared at the house of representatives committee on finance to present the performance of the 2022 budget.
She said the achievement of the nation’s revenue target has been adversely impacted by the decline in the oil revenue target.
In August, the Central Bank of Nigeria (CBN) said the country generated N799.10 billion from oil sector in the first quarter of 2022. The figure represented a 28.3 percent decline from N1.11 trillion in the fourth quarter of 2021.
While oil revenue amounted to N799 billion in three months, TheCable reported that petrol subsidy payments gulped N675 billion same period.
Presenting the 2022 budget performance on Wednesday, Ahmed said the federal government is taking measures to improve the country’s revenue.
“The full implementation of the 2022 budget is challenged particularly by oil revenues that are falling target at 27.1 percent as of August. Crude oil production challenges and PMS subsidy deductions by the NNPC constitute a significant threat to the achievement of our revenue growth target as seen in the oil and gas performance 2022 as of August,” the finance minister said.
